X-99 2 exh99ewlamend.htm EXHIBIT

FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Fourth Amendment to Employment Agreement (“the Amendment”) is effective July 1, 2010 by and between MONMOUTH REAL ESTATE INVESTMENT CORPORATION, a Maryland corporation (the “Company”), and EUGENE W. LANDY, an individual (the “Employee”).

WITNESSETH:

WHEREAS, in accordance with the recommendations of the Compensation Committee of the Company at its meeting on July 1, 2010, it was determined to amend the current compensation agreement of the Employee.

NOW, THEREFORE, the following amendment is hereby added to the Employment Agreement dated December 9, 1994, and the Amendment to the Employment Agreement dated June 26, 1997, and the Second Amendment to Employment Agreement dated November 5, 2003, and the Third Amendment to Employment Agreement dated April 1, 2008, by and between the Company and the Employee.

1.

Employee’s base salary shall be increased to $275,000;

2.

Employee shall be entitled to receive a pension benefit of $50,000 per year through the calendar year ending December 31, 2020;

3.

Employee shall receive an Outstanding Leadership Achievement Award in the amount of $300,000 per year for three years;

4.

Employee’s bonus schedule shall be revised as follows:

a.

Market Cap: 1) 7.5% growth - $20,000; 2) 12.5% growth - $45,000; 3) 20.0% growth - $90,000

b.

FFO per Share: 1) 7.5% growth - $20,000; 2) 12.5% growth - $45,000; 3) 20.0% growth - $90,000

c.

Dividend per Share: 1) 5.0% growth - $30,000; 2) 10.0% growth - $60,000;  3) 15.0% growth - $120,000.

 

 

 


IN WITNESS WHEREOF, this Amendment has been duly executed by the Company and the Employee on the date first above written.

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

 

 

 

 

Dated:  July 13, 2010

 

 

 

 

/s/ Eugene W. Landy

 

Eugene W. Landy, Employee

 

 

 

/s/ Cynthia Morgenstern

 

Cynthia Morgenstern, Executive VP

 

 

ATTEST:

 

/s/ Elizabeth Chiarella

Elizabeth Chiarella, Secretary

 

 

WITNESS:

 

/s/ Louise Green

Louise Green

 

 

 

EX-99 2 employcontractewl.htm EXHIBITS 99.1

FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Fifth Amendment to Employment Agreement (“the Amendment”) is effective April 9, 2013 by and between MONMOUTH REAL ESTATE INVESTMENT CORPORATION, a Maryland corporation (the “Company”), and EUGENE W. LANDY, an individual (the “Employee”).

 

WHEREAS, the Corporation’s Board of Directors, at its meeting on April 9, 2013, voted to promote Michael P. Landy to the position of President and Chief Executive Officer of the Corporation,

 

NOW, THEREFORE, the following amendment is hereby added to the Employee’s Employment Agreement dated December 9, 1994, the Amendment to the Employment Agreement dated June 26, 1997, the Second Amendment to Employment Agreement dated November 5, 2003, the Third Amendment to Employment Agreement dated April 1, 2008, and the Fourth Amendment to Employment Agreement dated July 1, 2010 by and between the Company and the Employee (collectively, the “Agreement”).

1.

Employee’s title shall be and is hereby known as Chairman of the Board.

 

The Agreement is unchanged in all other respects.

 

SEAL:

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

 

 

By: /s/ Steve Wolgin

Steve Wolgin,

Chairman, Compensation Committee

 

By: /s/ Eugene W. Landy

Eugene W Landy

Employee

 

 

 

Dated: April 25, 2013

EX-99 3 employcontractmlp.htm EXHIBITS 99.2

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

 

Amendment to Employment Agreement

Of Michael P. Landy

 

Effective April 9, 2013

 

 

 

BY AND BETWEEN:

Monmouth Real Estate Investment Corporation, a Maryland Corporation (“Corporation”)

 

AND:

Michael P. Landy (“Employee”)

 

WHEREAS, the Corporation’s Board of Directors, at its meeting on April 9, 2013, voted to promote the Employee to the position of President and Chief Executive Officer of the Corporation,

 

NOW THEREFORE, the Employee’s Employment Agreement effective January 1, 2012 (the “Agreement”) is amended as follows:

 

1.

Employee’s title shall be and is hereby known as President and Chief Executive Officer of the Corporation.

 

The Agreement is unchanged in all other respects.

 

 

 

 

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

 

 

 

By: /s/ Steve Wolgin

Steve Wolgin

Chairman, Compensation Committee

 

(SEAL)

 

By: /s/ Michael P. Landy

Michael P. Landy

Employee

 

 

Dated: April 25, 2013